Dumb threats and more important things to do

March 21, 2010

Thank you to all my readers who either wrote in the comments or an email to warn me about what a local rag had written about supposedly “US authorities investigating the violation of US laws for maintaining a campaign against the financial system in Venezuela” or something like that, which accused three blogs/webpages, including this one. This is the second time in a month that two similar publications publish such rubbish, which leads me to be believe it is either paid or planted.

While I despise the lack of ethics of these two rags and their reporters, I can not take it seriously, like some readers have suggested. Obviously, the US is not doing what the article says, but more importantly I have not done what it says. My track record is here in my blog. Everyone can see that I began writing about structured notes in 2008 and while the Chavez Government ordered banks to get rid of them, in the end it did not enforce its decision and allowed the notes to morph into a different animal. It was the Chavez Government that named the banks and those that got rid of them for real are still functioning, those that began “triangulating” with brokers and related companies to cover up their holes (some of which were new to the list) have been intervened.

Moreover, what I warned about was the panic created by shutting down banks that had been intervened. I said that was the wrong strategy. I was right, within a week the Government was announcing the reopening of the banks, even if it failed to recapitalize them. This means it is just pumping money into them.But reopening them calmed people down, even if all Venezuelans now have to pay for the incompetence and irresponsibility of the Chavez administration.

In addition I have not mentioned names at any point. In fact, the stupidity of the post in these rags is that Hugo Chavez on his program Alo Presidente was probably the person that did the most to unnerve depositors. After shutting down the first few banks, Chavez said on national TV that he “knew there were more banks in trouble” and he was “following them” going as far as practically naming the owner of one bank and mentioning a related business this person owns.

And you definitely can’t compare Chavez’ audience to mine. So, I prefer to spend my time reading in the New York Times about our now famous Bipolar Capybara, worry about the fact that 500,000 new Venezuelans are born every year and that the Government uses 48% of the country’s electricity. I can also spend more time taking pictures of my orchids for my orchid blog like the one above, which lately I have neglected. Those are certainly a better use of my time that suing these rags for defamation or asking that my reply to them be published.

As  have said before, I will continue blogging as long as I can, I am not a brave or daring person, if I ever feel truly threatened, I will see what I will do.

It just ain’t worth it!

P.S.: Coincidentally I was away this weekend without internet or computer, thus I was able to read the comments Friday morning as I left, but not write this post until tonight. Thanks to all that sent messages again!

7 Responses to “Dumb threats and more important things to do”

  1. scott sheffield Says:

    it seems that these notes are similar to derivatives in the U.S. you see what that did here.

  2. HalfEmpty Says:

    The important thing is itn spring in the Northern Hemisphere. I’m taking my WalMart Orchids out for a couple of hours this afternoon to get some real air.

    Remind me to bring them in before dark. They do hate 50 F so.

  3. Roberto N Says:

    I think amieres got it right, MO.

    I employed a truck driver who ended up having 23 kids in 8 cities in Venezuela.

    There are many trucks on Venezuelan Highways. Do the math.

  4. amieres Says:

    The nature of “the accusation” is so nonsensical I doubt anyone with some level of intelligence can take it seriously. It seems to me whoever started that rumor has some kind of connection to the Stanford affaire and when it blew up he (or they) lost some money and now they blame it on you and Alex. This is their very amateurish attempt at getting back at you. Let’s hope it doesn’t go any further than that.

    What I find appalling is that those “journalists” allow themselves to participate in this charade by publishing such a stupid rumor.

  5. moctavio Says:

    It is actually 47%, the source is a pie chart in today’s El Nacional which is supposedly done with Corpoelec data, it says:

    Residential 25%
    Commerce, small and medium size industries 28%
    Public Administration and Guayana companies 47%

    BTW the 500 k kids born per year blew my mind! Han never thought of our birth rate in that fashion

  6. lucia Says:

    Thanks for the update. And that’s a beautiful orchid!

    Question: what is the source for the information that the government uses 48% of the nation’s electricity?

    Thank you!

  7. mrodriguez26 Says:

    Hey Devil, you must go ahead with this excellent blog, I would like that every news papers could publish all your articles of economy from this blog and most people could read you’re words. Like with others opposition’s people, government will tray to take this web site down and you must fight as far as you can, and all you’re readers most follow reading this site every day and tell others people about this blog.

    Good luck Devil, and don’t be afraid.

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